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The 19th China Ferro-alloys International Conference, co-hosted by China Chamber of Commerce of Metals Minerals & Chemicals Importers & Exporters (CCCMC) & Ferro-Alloys.com ，Supported by China Ferroalloys Industrial Association, will be held on 31 May to 2 June 2023 in Beijing, China.
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Nickel faces huge supply glut as Indonesian output booms
The nickel market is facing a massive supply glut this year as surging Indonesian production continues to outpace global demand.
The International Nickel Study Group (INSG) is forecasting a supply-demand surplus of 239,000 tonnes, the largest in at least a decade and a significant increase from last year's excess of 105,000 tonnes. It also represents a lift from the Group's last assessment in October, when it expected a surplus of 171,000 tonnes for this year.
Demand expectations have been tempered, although nickel usage is on track to register healthy 6.1% growth in 2023. It still won't be enough to absorb the wave of new production coming out of Indonesia. The supply surge, though, is not coming in the form of the Class I refined metal traded on both the London Metal Exchange (LME) and the Shanghai Futures Exchange. That may complicate the pricing impact.
The coming surplus, will not be defined by demand but by production, particularly Indonesian production. The country's nickel mine output grew by 48% to 1.58 million tonnes in 2022 and by another 44% in the first two months of this year, according to the INSG's most recently monthly bulletin. Since Indonesia fully banned the export of ore in 2020, all that mine output is now being converted to nickel products.
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- [Editor:邢亚敏]
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